1. NEW INSTITUTIONAL ECONOMICS (NIE): WHAT’S NEW AND WHAT DOES IT MEAN FOR IFPRI ? Mylène Kherallah, John Maluccio, & Nancy McCarthy IFPRI

2. NIE: A NEW SCHOOL OF THOUGHT “ There you go gentlemen. According to this, we are now a “school of thought.” Every school of thought is like a man who has talked to himself for a hundred years and is delighted with his own mind, however stupid it may be. (J.W.Goethe, 1817, Principles of Natural Science )

6. NIE: Economic activities are embedded in a framework of institutions, formal & informal “ Old” Institutionalist school Neo-classical Economics NIE

8. NIE New Economic History (North, Fogel, Rutheford) Public Choice & Political Economy (Buchanan, Tullock, Olson, Bates) New Social Economics (Becker) Theory of Collective Action (Ostrom, Olson, Hardin) Transaction Costs Economics (Coase, North, Williamson) (Social Capital) (Putnam, Coleman) Property rights literature (Alchian, Demsetz) Economics of information (Akerlof, Stigler, Stiglitz) Law and Economics (Posner)

14. How is transaction cost econ. relevant for IFPRI? Globalization & industrialization of world agriculture Market liberalization & government devolution Increasing reliance on vertical linkages, long-term contracts, and coordinated relationships

33. NIE on Property Rights and (a bit) on relevant Legal Frameworks